METALLA REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025 AND PROVIDES ASSET UPDATES
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On November 13, 2025, Metalla reported record financial results for the third quarter of 2025. Key highlights include: - Record revenue of $4.0 million. - The company's first-ever quarter of positive net income, at $629,000. - Record Adjusted EBITDA of $2.9 million and cash flow from operations of $2.6 million. - Attributable Gold Equivalent Ounces (GEOs) were 1,155 for the quarter, driven by contributions from new assets Tocantinzinho (361 GEOs) and Endeavor (233 GEOs). - The average realized price per GEO was $3,451, with an operating cash margin of $3,443 per GEO. - The release also confirmed the completion of the previously announced acquisition of an additional royalty on the Côté-Gosselin project for C$3.4 million in cash.
This news is materially positive and marks a significant operational and financial inflection point for Metalla. The primary takeaway is the achievement of net profitability for the first time, which validates the company's growth strategy and business model.
- Financial Performance vs. Expectations: The Q3 results represent a substantial step-change compared to previous quarters. Revenue of $4.0 million is a 48% increase over Q2 2025 ($2.7 million), and Adjusted EBITDA of $2.9 million nearly doubled from Q2's $1.5 million. The transition from consistent net losses (e.g., a $1.6 million loss in Q2) to a $629,000 net profit is a critical de-risking event.
- Confirmation of Growth Trajectory: For the past year, news releases have detailed the anticipated ramp-up of key assets. The Q3 2024 release (Nov 14, 2024) and FY2024 release (Mar 27, 2025) guided that Tocantinzinho and Endeavor would be key drivers for 2025. This report provides tangible evidence that these assets are delivering as projected, with Tocantinzinho and Endeavor now being the first and fourth largest contributors to GEOs, respectively.
- Guidance Progress: Metalla is on track to meet its 2025 guidance of 3,500 to 4,500 attributable GEOs. With 2,623 GEOs delivered in the first three quarters, the company needs to produce 877 GEOs in Q4 to meet the low end of guidance, which is well below the 1,155 GEOs produced in Q3. This demonstrates management's ability to provide credible forecasts.
- Strategic Acquisitions: The confirmation of the Côté-Gosselin royalty acquisition, while previously announced on November 3, solidifies the company's position on what it considers a cornerstone, long-life asset in a top-tier jurisdiction. Using cash for the purchase, made possible by its improved financial position, avoids shareholder dilution.
In the context of the historical news, this release is the culmination of a pivotal year. The company successfully refinanced its expensive convertible debt in June, brought in a new President with a C$1 million personal investment in July 2024, and has now seen its new producing assets deliver significant cash flow, leading to profitability.
Metalla is a royalty and streaming company that acquires royalties on gold, silver, and copper deposits. The company provides financing to mining companies in exchange for a percentage of the metal produced or revenue generated from the mine, giving investors exposure to commodity prices and exploration upside without direct operating, development, or environmental risks.
The company does not have a single flagship project but rather a diversified portfolio of over 100 royalties. Its cornerstone assets, which are driving current and future growth, include: - Côté-Gosselin Royalty: A 1.5% NSR on IAMGOLD's massive, long-life gold project in Ontario, Canada. This is considered a world-class asset and a key long-term value driver. - Tocantinzinho Royalty: A 0.75% GVR on G Mining's new gold mine in Brazil, which recently achieved commercial production and is a primary source of current cash flow growth. - Endeavor Royalty: A 4.0% NSR on the recently restarted lead-zinc-silver mine in Australia, which began contributing to cash flow in Q3 2025.